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Mixed Economic System

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Economic systems all over the world operate in a distinct feature either in the sense that they are in many ways similar, or in many ways different. This feature depicts whether the economy will be able to satisfy the needs and wants of the economy that it operates within.
The economic system is where the country and the government is involved with the management, production, and distribution of goods and services. There are mainly four types of economic systems which are traditional economies, command economies, market economies, and also the mixed economies.
Traditional economics produces products and services that are direct links to their religions, tradition, or beliefs etc, the areas that tend to use this type of economic systems are …show more content…

This way the people in the market can determine by themselves how the economy should be run, how they can generate supplies and what are the necessary demand that need to be fulfilled in the economy. The mixed economy is usually where the market economy is mixed with the command economy, usually in the mixed economy the government only has control of a few key features within the economy and most of economy is freely run by the market. In the case of mixed economy the reason the government is involved within this economy is so that they can keep an eye on programs such as education, transportation, healthcare and etc, just in case they have not really been emphasized on by the private sector.
These two countries operate in similar ways but with on country having more involvement from the government compared to the other. China is considered a planned economy, with touches of market economy making it somewhat of a mixed economy, where as Australia is strictly a mixed market economy where there is both market as well as government involvement from the …show more content…

Mixed market economy is the main feature of Australia, where thanks to the government and the abundance of natural resources that Australia has, it produces a stable economy. Australia is also strongly dependent on the service sector although the mining and agricultural sector takes up 57% of the Australian exports, there are other sources of money such as the ASX also known as the (Australian securities exchange) which is another main source of money in the Australian economy.
Australia and china face various economic problems, such as budget deficit, aging population, and multiple

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